Daily Markets Broadcast 2020-02-11

Daily Markets Broadcast

2020-02-11

Wall Street overcomes virus threat

US indices soared to record highs yesterday, ignoring the rising coronavirus cases and death toll. There’s a public holiday in Japan today.

US30USD Daily Chart

Source: OANDA fxTrade

• The US30 index recovered from a lower open to close higher amid hopes the containment measures for the coronavirus are having an impact
• The 55-day moving average has risen to at 28,587 while the 100-day moving average is at 27,911
• There are no major data releases scheduled for today but Fed Chairman Powell testifies in his semi-annual meeting. No doubt the drag effect of the coronavirus will be mentioned, even though the US economy appears to be firing on all cylinders.

DE30EUR Daily Chart

Source: OANDA fxTrade

• The Germany30 index looks set to advance for a second consecutive day today and is nearing the January 22 high
• The index remains above the 55-day moving average at 13,301 while the 100-day provides longer-term support below at 13,022
• The are no major data releases for both Germany and the Euro-zone today. The European Commission is due to release its economic forecasts for the region.

CN50USD Daily Chart

Source: OANDA fxTrade

• The China50 index has opened marginally higher this morning, building on yesterday’s gains as the industrial sector returned to work after an extended Lunar New Year break
• The index is approaching the 200-day moving average at 13,592
• China’s new loans data for January are due any time, with expectations of a total of three trillion yuan. That’s an increase from December’s 1.14 trillion yuan.

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